One of the largest global media empires, Viacom has a
financial interest in broadcast and cable television, radio, Internet, book
publishing, and film production and distribution. Some of this vertically
integrated conglomerate's highly recognizable properties include the CBS
network, MTV, Infinity broadcasting, Simon & Schuster, Blockbuster and
Paramount Pictures. With such a diverse portfolio of properties, Viacom is one
of the most profitable media giants as CBS is a top draw for older viewers
while MTV remains the most popular teen orientated media outlet.

1995 - (November) - CBS is sold to the Westinghouse Corporation for
$5.4 billion

1995 (January 16) - UPN network hits the television airwaves

1996 - Redstone becomes Viacom's CEO

1996 - Westinghouse/CBS buys Infinity radio broadcasting and outdoor
advertising group for $4.7 billion. This deal is mainly a result of the
Telecommunications Act of 1996 which heavily deregulated the media industry
and allowed a company to significantly increase the amount of radio stations
it could own.

1999 (September, 7) - Viacom and CBS announce merger. The $50
billion deal, the largest media merger of the time, comes one month after the
FCC gives approval to duopolies. The new Viacom has 33 television stations
which eclipse the FCC's 35 % ownership cap. The cap is based on the amount of
stations one company owns that reach 35% or more of the nation's television
households.

2000 - Present

2002 - Viacom completes acquisition of KCAL-TV (Los Angeles) from
Young Broadcasting Inc. for $650 million. The deal forms a Viacom duopoly in
Los Angeles raising the number of markets where it owns two broadcast stations
to eight.

2003 - Infinity Broadcasting owns and operates 185 radio stations,
second in size to only Clear Channel Communications. Viacom Outdoor is the
largest outdoor advertising entity in North America. Viacom Television
Stations Group owns and operates 39 TV stations.

2004 - After years of internal battles with Viacom CEO
Sumner Redstone, Mel Karmazin, resigns as the company's chief operating
officer. Karmazin was formely the president and CEO of CBS